Dc Real Estate Law

Front 1

If approved, for what reasons could a landlord increase rent in a rent controlled property?

Back 1

1) Hardship - Rent won't cover expenses
2) Capitol Improvements
3) Increased Services
4) Substantial Rehabilitation
5) Voluntary Agreement

Front 2

Who is exempted in rent control?

Back 2

1) Landlords that rent 4 or fewer units
2) Some new units:
a) building permits issued after 12/31/75
b) units whose cert of occupancy was issued after 1/1/80
c) vacant units since 1/1/80
3) Non-profits

Front 3

What is the purpose of the Guaranty and Education Fund?

Back 3

Compensate people who have suffered monetary losses as a result of the actions of a licensee.

Front 4

What's the definition of an escrow account?

Back 4

-Money that belongs to others and is kept in an account, called an escrow account.

In DC the following apply to all escrow accounts:
1) FDIC account
2) Physically in DC
3) holds money belonging to others

Front 5

Who are the members of the DC real estate commission?

Back 5

3 Brokers licensed in DC
2 Salespeople licensed in DC
2 Property Managers licensed in DC
1 Attorney in DC Bar and practices real estate law
1 Consumer (not in or trained in real estate)

Front 6

Who needs a real estate license in DC?

Back 6

Any person selling real estate and receiving compensation for the act is required to have a real estate license.

Exemptions:
Attorneys who work in real estate doing real law duties;
Individual dealing for themselves;
Trustees or auctioneers doing their jobs;
Government officers, again doing their job;
Non-profit housing organizations, again, doing their job;
People who do clerical, etc jobs in real estate offices;
Loan officers and clerical workers , again doing their jobs

Front 7

What is discrimination in fair housing in DC?

Back 7

Fed - race, color, nat origin, sex, religion, disability, familial status

+

DC - age, marital status, sexual orientation, personal appearance, students, political affiliation, source of income, place of residence or business, gender identity, domestic abuse victim, family responsibility

Front 8

What does an owner need to do when negotiating with a tenant regarding the sale of the property?

Back 8

1) Within 7 days of receiving notification, the owner must provide the following:
floorplan
recent rent roll
list of current tenants
list of vacant apartments
monthly operating expenses
capitol expenditures from last 2 years

2) Ask for no more than 5% earnest money

3) operate in good faith

Front 9

What are violations under DC's code of ethics?

Back 9

-Guaranteeing future profits
- Accepting an oral listing contract without a specified termination (all listings must be in writing, and must include a termination date. Including a time, date, and year is advised.
- Failure to furnish clients with a copy of contracts at the time of execution
- accepting fees or comissions from more than one party, without knowledge of all parties
- Commingling of funds (mixing escrow money with personal funds)
- Inducing someone to break a contract for personal gain
- Failure to notify the Commission with 15 days of entry of a criminal or civil court judgement against the licensee
Failure of a broker to return the license of a terminated salesperson to the mayor within 15 days
acceptance of an appraisal fee contingent upon a predetermined value
Giving free lots or prizes as an incentive to buy

Front 10

What are the number of days needed to negotiate with an owner as a group of (2 to 4), and what are the number of days needed for a new offer to be made by a single person when Rental housing conversions for sale?

Back 10

Group is 90 Days

Single is 180 Days

Front 11

What's the definition of brokerage relationship or real estate broker?

Back 11

Contractual relationship between client and real estate licensee for the purpose of procuring a seller, buyer, option, tenant, or landlord who is ready able and willing to sell , buy, option, exchange, or rent real estate.

Front 12

What are the requirements for real estate licensures?

Back 12

-Application with home address (not PO Box)
-Pay fee at filing
- Complete 60 hours of class time and pass exam and DC law exam

Front 13

Which court is used in DC for compliance?

Back 13

DC Superior Court

Front 14

If you get a commission from two parties, what do you have to do?

Back 14

You must disclose this information

Front 15

Who appoints the DC real estate commissioners?

Back 15

The Mayor

Front 16

What is the maximum pay-out allowed from the Guaranty and Education Fund?

Back 16

$50000

Front 17

Claimants eligible for payment from the fund must do what first?

Back 17

1) Court Order
2) Force sale of any real or personal property of the debtor for payment of the claim
3) Mayor's approval

Front 18

What's the minimum and maximum of the Guaranty and Education Fund?

Back 18

Min - $1040000
Max - $3500000

Front 19

How many years of experience is needed before being able to get a broker's license?

Back 19

2 Years
also must have 135 hours of additional education and pass the broker's exam

Front 20

What does a broker do when he/she receives monies belonging to others?

Back 20

put it in an escrow account

Front 21

Who hears discrimination complaints in DC?

Back 21

Office of Human Rights

Front 22

How much money of a new licensees fee goes to the Guaranty and Education Fund?

Back 22

60 dollars

Front 23

How does a broker pay commission to salespersons?

Back 23

They have an agreement

Front 24

What must every real estate office have?

Back 24

desks, real estate sign, pertinent files

Front 25

What happens when an agent transfers brokers?

Back 25

Broker has 15 days to send back license

Front 26

When do you give agency disclosure?

Back 26

When you start substantive discussions about a specific property or properties with an actual buyer or seller or landlord or tenant. Plus must disclose any relationship with a party to the transaction in writing.

Front 27

What is non-resident consent to suits and services?

Back 27

If an agent isn't a DC resident and working in DC, he/she would need to sign this for any legal reasons

Front 28

What happens when a broker's license is revoked or suspended?

Back 28

Al;l salesperson's licenses must be mailed to the mayor within 15 days. All activities must stop. The Salesperson should get to another broker ASAP.